After putting the James Bond series on an infinite hiatus, MGM looks to invest on another film. The studio is nearly bankrupt, but they want to get this out. So in the midst of the crisis, MGM is out shopping for another film that they have the rights for. It is a series called The Outer Limits.
So they have decided to get the Saw creators on board for this new franchise. They will be writing the screenplay for the film. MGM has just paid Patrick Melton and Marcus Dunstan a good sum to write the screenplay for this film. Loads of people are going to hate the part that MGM took on this. It will be difficult for them to sell of any of their franchises without a pinch of salt. But they surely have to get rid of the James Bond series.
The Outer Limits was like another version of the Twilight Zone. It did not have the kind of following Twilight Zone had. So it would be really difficult to revive the show.